Features of the Cash Converters Personal Loan
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Fast application. Applications have a turnaround time of 24-48 hours.
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Loan amount. This loan offers amounts between $400 and $2,000.
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Quick turnaround. If your application is approved, the funds will be available in your account during the next business day.
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Repayments. Repayment terms vary depending on your individual loan contract, with periods of up to 12 months available.
What fees apply?
Cash Converters Personal Loans charge a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you'll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.
Cash Converters Personal Loan eligibility requirements
Each loan application is subject to lending criteria and is assessed by a Cash Converters representative. Some key eligibility factors to consider include:
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Age: Applicants must be at least 18 years of age.
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Residency status: This loan is only available to residents of Australia.
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If you receive Centrelink payments: You can apply if you receive Centrelink payments, but what you borrow may be limited so that your repayments in any period do not exceed 20% of your gross income. This includes repayments to other lenders, as well as the new loan you're applying for from Cash Converters.
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If you're in a Part 9 Debt Agreement: You aren't eligible for a Cash Converters Personal Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
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If you have bad credit: Cash Converters will consider your current financial situation when you apply. If they see you will be able to manage your loan, your application will be considered.
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If you're a casual employee: You need to earn at least $300 per Week to apply for a Cash Converters loan.
How to apply
You can apply for a Cash Converters Personal Loan in-store or online. Have the following on hand to complete your application:
- Your bank account history for the last 90 days where your income is deposited into
- A copy of your Medicare card
- If you receive Centrelink payments, you'll need a current income statement or your myGov login details
Once you've filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you're approved, you'll be sent an electronic loan contract. Once that is signed, the approved loan amount will be transferred to you within Within 48 hours.
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Financial hardship
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
Do you really need a loan today?*